Open Text Co. (NASDAQ:OTEX) Shares Acquired by Mufg Securities Canada LTD.

Mufg Securities Canada LTD. boosted its stake in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 70.6% in the fourth quarter, Holdings Channel reports. The fund owned 406,007 shares of the software maker’s stock after buying an additional 167,973 shares during the quarter. Mufg Securities Canada LTD.’s holdings in Open Text were worth $11,482,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in OTEX. The Manufacturers Life Insurance Company raised its position in shares of Open Text by 1.1% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 5,642,455 shares of the software maker’s stock valued at $187,952,000 after purchasing an additional 63,620 shares in the last quarter. Natixis Advisors LLC acquired a new stake in Open Text in the third quarter valued at $1,467,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in Open Text by 126.1% during the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 86,260 shares of the software maker’s stock valued at $2,871,000 after acquiring an additional 48,111 shares during the last quarter. Stifel Financial Corp acquired a new position in Open Text during the 3rd quarter worth $2,232,000. Finally, Verition Fund Management LLC bought a new stake in shares of Open Text in the 3rd quarter worth about $950,000. Hedge funds and other institutional investors own 70.37% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on OTEX shares. Royal Bank of Canada decreased their price target on Open Text from $33.00 to $31.00 and set a “sector perform” rating for the company in a research note on Friday, February 7th. Barclays lifted their target price on Open Text from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Friday, February 7th. UBS Group began coverage on Open Text in a research report on Tuesday, December 17th. They set a “neutral” rating and a $32.00 price target on the stock. StockNews.com downgraded shares of Open Text from a “strong-buy” rating to a “buy” rating in a report on Monday, January 27th. Finally, Citigroup raised their price target on shares of Open Text from $30.00 to $32.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $35.18.

Open Text Trading Up 0.9 %

Open Text stock opened at $27.16 on Wednesday. The stock has a market cap of $7.17 billion, a P/E ratio of 11.04 and a beta of 1.17. Open Text Co. has a 12 month low of $24.86 and a 12 month high of $39.87. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 1.50. The company’s fifty day simple moving average is $27.49 and its 200-day simple moving average is $29.61.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its earnings results on Thursday, February 6th. The software maker reported $1.02 EPS for the quarter, topping the consensus estimate of $0.92 by $0.10. Open Text had a net margin of 12.21% and a return on equity of 23.23%. As a group, sell-side analysts forecast that Open Text Co. will post 3.45 EPS for the current fiscal year.

Open Text Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were paid a $0.2625 dividend. This is a boost from Open Text’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.05 dividend on an annualized basis and a dividend yield of 3.87%. Open Text’s dividend payout ratio is currently 42.68%.

Open Text Profile

Open Text Corporation provides information management software and solutions. The company offers content services, which includes content collaboration and intelligent capture to records management, collaboration, e-signatures, and archiving; and operates experience cloud platform that provides customer experience and web content management, digital asset management, customer analytics, AI and insights, e-discovery, digital fax, omnichannel communications, secure messaging, and voice of customer, as well as customer journey, testing, and segmentation.